Hello friends, today you can review the technical analysis on the 4H (hourly) linear scale chart for Bitcoin ( BTCUSD ), a cryptocurrency.
#CryptoPickk noted in the chart:
1) One of the top questions is when can we get to $100K for Bitcoin?
2) The price recently fell due to a crypto market crash but has rebounded.
3) A key area of resistance is around the $53.7K-$54K. Price NEEDS to hold above this price range to move ahead.
4) A Fibonacci Extension from the recent high point to low point is shown with the extensions going to 3.618 Fib level, which is right at the $100K area.
5) The Volume is still low and it is necessary to increase to help the price to $100K.
6) Ichimoku Cloud in red hovering above the price. This is very important to move above the Cloud as the Cloud will serve as resistance.
7) The Volume Profile (VPVR) shows where the buy/sell trades are sitting and there is significantly volume in the $56K-58K region. The price needs to overtake this region, then there is potential to see a faster move up.
8) The RSI (relative strength index) has two resistance lines which are shown in the chart. The first resistance line may help the price get above a certain point and the second one may help it reach the $100K. RSI levels in the 80s to 90s has been seen with BTC.
9) It's not an easy journey for the Bitcoin price to reach $100K, but it is surely possible with these factors noted above as well as many other economical and market structure factors.
10) I am not sharing hopium, but rather a chance to see what it will take for BTC price to get to $100K.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk noted in the chart:
1) One of the top questions is when can we get to $100K for Bitcoin?
2) The price recently fell due to a crypto market crash but has rebounded.
3) A key area of resistance is around the $53.7K-$54K. Price NEEDS to hold above this price range to move ahead.
4) A Fibonacci Extension from the recent high point to low point is shown with the extensions going to 3.618 Fib level, which is right at the $100K area.
5) The Volume is still low and it is necessary to increase to help the price to $100K.
6) Ichimoku Cloud in red hovering above the price. This is very important to move above the Cloud as the Cloud will serve as resistance.
7) The Volume Profile (VPVR) shows where the buy/sell trades are sitting and there is significantly volume in the $56K-58K region. The price needs to overtake this region, then there is potential to see a faster move up.
8) The RSI (relative strength index) has two resistance lines which are shown in the chart. The first resistance line may help the price get above a certain point and the second one may help it reach the $100K. RSI levels in the 80s to 90s has been seen with BTC.
9) It's not an easy journey for the Bitcoin price to reach $100K, but it is surely possible with these factors noted above as well as many other economical and market structure factors.
10) I am not sharing hopium, but rather a chance to see what it will take for BTC price to get to $100K.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
I chart on Tradingview: www.tradingview.com/symbols/BTCUSD/?aff_id=25106
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
I hold crypto on Ledger Hardware: shop.ledger.com/?r=9f683f228f19
I find value in the data from LuxAlgo:
www.luxalgo.com/pricing?rfsn=6252565.5f61bd
